Money mistakes that we all need to avoid.

in Project HOPE2 years ago

The absence of financial plan is one thing to eliminate fast and quick, without a financial plan it will be very difficult to get things right and then the process of growth is going to get really slow and uncertain. Living without a financial plan will also make it very easy and convenient for us to give up as quickly as possible.

Trying to live a life of extreme poverty even when you are sure that a moment of pleasure will not hurt your financial stand is not good enough, it is important not to spend extravagantly but punishing yourself and trying not to live a moment of pleasure just because you are trying to save every penny will also not get you to financial abundance. Simply try to strike a balance between living well and not despising the little moments of pleasure and comfort.

Setting random goals without a target and deadline will make you lose focus real soon, while setting your financial goal have a particular target that you are working towards achieving and the amount of energy that you will need to give in in order to hit that target.

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Giving little or no concern to credit score points is also not a good one, paying credit card loans as soon as possible will definitely boost credit score and make it better to seize financial opportunities in the future.

Irrespective of how much you invest, you have to also try to save. I understand that it is really good to invest almost every penny that you have but there comes a time when you will need an urgent cash and you will not be able to pull out of those investments real quick, there comes the need to build a savings account that you can have access to at any time.

Having a terrible shopping habit is also not helping your financial growth, there is a huge temptation to make you buy more just to satisfy an immediate craving but it is wise to think well over a big purchase before going for it, that will save your financial strength and help you save for better.

Just relying on one income source is not good enough for business, there is a lot of online opportunities available for you to earn from the skills that you are comfortable with, make sure that you make yourself available for that skill that will grant you access to better financial opportunities.

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Greetings friend, no doubt there are financial habits that do not help us to progress, and these are good points to keep in mind, we should not despise all the comforts to save nor invest everything saved, we must seek a balance between all these factors but without forgetting that the goal is to progress and live well.

we must seek a balance between all these

Well said @emiliomoron, some people over save their money, and don't enjoy their present and some people over spend their money and don't enjoy their future. We need to balance it, so that there will be a feel of enjoyment both in your present and future.

Hello @futurekr
Setting the goals and the deadlines for achieving them is fundamental to achieving our goals.
I agree with you, that you should be provided for savings funds that are available at any time, that data is very important.
Thanks for sharing.
Have a great day!
Regards.

Saving is great just that many people underate it. No matter how small or big it might be, saving must be considered

Very true. The compounding effect of saving small amount, will become very huge in the future. Well said @mandate

First of all I suggest to have a good financial education in terms of money if you have good knowledge regarding money you will never loss your money and always get success in life and money matters.

We all need to avoid making money mistake, and I strongly think that best teacher to avoiding mistakes, is making mistakes during your early life and reading books, you will have enough life experience to succeed in future.

Thanks for this nice article @futurekr

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